Jaspreet Singh: How To Get Rich in the New Economy
Written by
Cynthia Measom
Edited by
Elizabeth Constantineau
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Even though his background is not in finance, Jaspreet Singh has gained a huge following thanks to his financial success and his Minority Mindset brand. And, he has some more words of money wisdom to share with his followers.
“We are living in a new economy, and in this new economy you cannot just go to work for 45 years and put a little bit of money away for your savings and investments and expect to be able to retire — let alone live financially free,” Singh cautioned.
Yet, we see the majority of people living, working and trying to become wealthy today in this new economy following the rules of the old economy. Here’s how to get rich in the new economy, according to Singh.
Lay the Foundation
Singh said if you want to become wealthy, you have to begin by laying the foundation — which entails the following three tasks.
Lay the Foundation for Your Mindset
Singh said that you must believe that you can become wealthy and shake any negative thinking you might be harboring in your mind.
“Start reading some personal development books,” said Singh. “Read books about abundance, read books about self-development. Start changing the environment that your brain is in. Start consuming different types of content, and you’ll start to see different sides of opportunities. You’ll see different things in the world, and you’ll start to see where the opportunities are.”
Build the Foundation for Your Savings
Singh said that if you don’t have $2,000 saved up right now, you are in a financial danger zone.
“Something’s going to happen,” he warned. “Your car is going to break down. Someone’s going to need some money. You’re going to need money for something.”
He said that if you don’t have the cash to pay for things that are needed, you might go into credit card debt to pay for it, which will cause you to have to pay interest on your debt.
“If you don’t have $2,000 saved up, stop spending money,” said Singh. “Don’t go to Starbucks, don’t go to restaurants, don’t go on a vacation. Stop spending money.”
Get Out of High-Interest Debt
Singh said that you need to do whatever you can to dig yourself out of high-interest credit card debt.
“Everybody else is getting rich when you are in credit card debt,” he said. “When you go and spend money at Gucci on your credit card, Gucci is getting rich; Mastercard is getting rich; Visa is getting rich; the landlord that owns that mall is getting rich. Everybody’s getting rich except you.”
He suggested downsizing, selling things and earning extra cash to help yourself get rid of the debt.
Use Your Money as a Tool
Singh said it’s important to start changing the way you use your money. He said when you have extra money, you should not spend it. Instead, you should save it. He also said that once you have an emergency fund in place, you’ll want to put the rest of your savings to work for you.
“Use this money to buy assets — things like rental properties, things like stocks, things like investing in other businesses,” he said. “These are the three biggest wealth-building asset classes that we have seen over the last century.”
Change How You Earn Your Money
Singh said that most people might not be able to earn enough money from their current job to be able to become wealthy as soon as they would like. He shared that most people cut back on expenses and put money toward investments once they realize that they need to do more to get rich.
However, he said they soon realize that this path to wealth will take a long time. He suggested using your money to buy assets that will make you more money. But first, you need to educate yourself.
“That means starting with reading books,” Singh suggested. “There are a whole bunch of books out there on how money works, how investing works [and] how money management works.” He also recommended looking for classes on those subjects.
“If you don’t have the money to go out and invest in these things, you can start watching free content instead of spending time watching Netflix,” Singh said. Listening to relevant podcasts and watching YouTube videos about building wealth, managing money, building a business and scaling your income are some of his tips.
Stay Calm
Singh said that when things like market downturns, real estate crashes and recessions happen, many people panic and make emotional decisions in regards to their finances, such as selling off assets when they should hold them or vice versa. But, he said, it’s important to stay calm.
“This is where mastering those emotions — that psychology of your money — is so important,” he stressed. “It’s often overlooked, but it is so important because this is going to allow you to not only find the opportunities, but also be calm and know that maybe this is the time to get out of an asset [or] maybe this is the time to just sit on the sidelines for a little bit because you don’t want to be that person who’s just following the crowd. And you don’t want to be the person that’s following the emotion.”
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